Q2 2024 Rigetti Computing Inc Earnings Call
Speaker Change: Please wait, the conference will begin shortly. Thank you for your time.
Speaker Change: and that you accept my invitation today, see you next time! Subtitle to frank translation from other proofreaders
Speaker Change: All measures are in place to ensure that there are no problems. After the interpreter's comments, there will be a Q&A session.
Jeff Bertelsen: Good evening and thank you for participating in the Ingrid Gates award conference on the second quarantine, which ended on June 30, 2024. I invite you to join me today, as Jeff Bertelton, our CFO , will unveil our research in detail following my overview. We will be happy to answer your questions at the end of our remarks.
Jeff Bertelsen: We would like to call now to thank you for participating in this early quarter end-of-June 2024 press release containing forward-looking statements regarding current expectations of CIPTEMS CFO and underlying assumptions regarding other outlooks and future operating visions.
Jeff Bertelsen: This form will be in detail to answer your question at the conclusion of our studies.
Speaker Change: We would like to address this topic in more and more detail in our Form 10-K , containing the following details regarding current expectations, specific objectives, and the following advancements concerning our results for October 2024 and future results. This document is presented by our company, with the name of the executive and the exchange address, which could cause more and more detailed results in our Form 10-K for which we have been concerned in the Form 10-K . We encourage you to disclose the results regarding current expectations for the year 2024.
Speaker Change: Today I am pleased to provide an update from time to time with the Securities and Exchange Commission.
Brigadier-Emmanuel Leclerc: First of all, on our technological plan, against significant risks and uncertainties, Rigadee has continued to control the development and results to obtain anticipated materials within the framework of 3 systems for the future. We are sending you a purchase review of 99% risks with a fidelity of 2 qubits on average. Today, I am pleased to present a report on our progress at Rigadee Computing. We have seen very promising results on our technological plan and our speed on our current systems. Rigadee has continued to control the development and results within the framework of 3 systems.
Brigadier-Emmanuel Leclerc: A system of 24 qubits, with the goal of achieving 99% access to 2 qubits of fidelity, or gates of 6 to 24 seconds.
Speaker Change: We very quickly saw the results of other quantum computer players on our current system, and 3 to 4 orders of memory are faster than the interpretation of the iron of our imperial quantum computer systems.
Speaker Change: We are confident that we can transmit this level of performance to a fidelity level of 99% for 8 qubits. Additionally, we continue to demonstrate our leadership by developing high-quality support tools for superconducting quantum computer players and others. In May 2024, we brought research on multiplayer couplers and power couplers, total power couplers, which can be used to entangle reference qubits and can transmit this level of performance to a fidelity level of 94% for 8 qubits. Additionally, we continue to demonstrate our leadership by developing high-quality support tools for superconducting quantum computer players and others. In May 2024, we brought research on multiplayer couplers and power couplers, which can be used to entangle reference qubits and others.
Speaker Change: We have created a scientific journal that has been reviewed by the community. We have introduced the world together to create a larger 21-bit processor by allowing the connection of multiple identical chips.
Speaker Change: To further our work in improving the industry's understanding of the requirements needed to balance the complexity of quantum computing exponentially, in June 2024, we released preliminary research on the Resource Estimation Framework. This architecture will allow for each frame's consistency to be tied together in a program. A manuscript represents the Resource Estimation Framework.
Speaker Change: and the software, too, included in the estimation and understanding of the requests that can be executed on different quantum algorithms.
Speaker Change: In June 2024, we launched the preliminary report on the estimated resources to drive the architecture of software computers. We will continue to work on optimizing quantum algorithms for a variety of applications, and present the estimates of intuitiveness to understand the values and positions of future quantum computers. The number of necessary quantum software available based on their calculations is a challenge, and we must succeed in delivering them usefully in the software architecture.
Speaker Change: We will continue to work on optimizing quantum optimization. In July , we introduced a series of applications to solve large combinatorial problems using a small number of qubits with quantum computers. The limited number of qubits available on the different areas of interest is a challenge that we must address to provide useful variables in the quantum optimization of your qubits.
Speaker Change: In July , we introduced the method of storing large technology programs using a small amount of activities, using the ARCA-369Q, with the goal of achieving an average of 99.9% to introduce fidelity by the end of the year 2020.
Speaker Change: Thank you, I can now make some remarks on the financial performance information.
Speaker Change: In summary, I'm pleased with our progress on the technology front. We remain on track to develop and deploy our 84-qubit On-Cut-3 system with the goal of achieving 99-plus-percent median cost-to-benefit capability.
Speaker Change: [inaudible]
Speaker Change: Thanks to Rose Margins in the second quarter of 2014, at 24 or 3.1 million, compared to 83.23 million, in the 20th quarter of 2022, and Rose Margins very humility is at the quarter of 2020 to 24 companies that will be able of the nobleric in the variable nature of the price and the liberal compendium in the nature of government agents. Rose Margins in the second quarter of 2014, at the 12th of our other revenue and growth smart on the various abilities to be able to offer that to the state in the quarter of 2020, or was 8th in the middle of the nature of contract compared to the 19th, 9th in the state of government in the prior year.
Speaker Change: In addition, our year-to-year delivery, 24-hour live-backed, one-hour-in-early driven by the lowest-growing margin, and the amount of our other rented-to-deliver revenue. I'm the expembers lying in a high-up allocation for this 2020-4 was 18.1 million, and we also be prepared in the 19.0 million 2020-4 of the prior year, to the same period of 2023. Year-to-day savings, global R&D-related, early year-to-end by entry, was the amount of engineering time. That's happened due to the delivery of the second quarter of 2020-4 for $3.3 million costs to run. Compared to $3.4 million for the second quarter of 2020-3 quarter of 2020-4. Last for the second quarter of 2024 was $20.3 million, leaving for just a day.
Speaker Change: Williams for Cher and D. Related, in parallel to a net loss or a challenge $1,000,000,000,000, or $13,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000. [inaudible] 000,000,000,000,000, 000,000,000,000,000,
Speaker Change: Alvin Bell, Aspring, Craig Bubble, Carter, Julian Ralmers.
Speaker Change: Cash for the period from April 1st to July 12th, 2024, was $100.5 million, $27.8 million from the sale of 24.1 million common shares under our current ATM program, including 15.8 million raised and every month ended June 30, 2012, to $100 million.
Speaker Change: [inaudible]
Speaker Change: should be sufficient to meet our anticipated operating cash needs until midway through the first quarter of 2026, based on our current business plan and expectations and assumptions considering current macroeconomic conditions.
Speaker Change: Thank you. We will be happy to hear from you. We are highly securities. Please go ahead.
Speaker Change: Thanks for taking the question. But I wanted to start with you. We're really happy to see that the company continues to make nice progress.
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: You're international partners and you may stop both.
Speaker Change: [inaudible]
Speaker Change: [inaudible] and it's a question, and it's a question,
Speaker Change: As you all know, CPUs and GPUs have been used as quantum computers in a real practical sense to keep up with CPUs and GPUs.
Speaker Change: That is to say, you need to be in a national laboratory or other modalities, even if they are very satisfied with the progress that is beginning, because they are working with purer atoms, or in terms of fidelity, there are three to four orders of individuals.
Speaker Change: 1,000 to 10,000 Mbps. That is to say, the CPUs are very fast. So, in practical terms, for CPUs, GPUs, for clock speed, you need to be in the range of nanoseconds.
Speaker Change: And other modalities, we cannot say that speed is not important in computation. It is therefore critical that the 3 to 4 orders continue to improve our speed from 1000 to 80,000 seconds. And other modalities certainly have a more important task. Even if for some applications, it is not possible, for the most practical applications, the speed of a computer does not matter. That is why I would say that the speed of a computer does not matter in computation. It is therefore critical that the 3 to 4 orders continue to improve our speed from 1000 to 80,000 seconds. And other modalities certainly have a more important task.
Speaker Change: [inaudible]
Speaker Change: We'll continue to be recognizing a little bit more revenue from that Q1 and Q2, which is why our gross margin ticked up a bit.
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: You are trying to get there for the 84-qubit QPU per year. Knowing that these are semiconductor-based models, I wonder if you can talk to us about cyclical progress. Are you already in the process of starting the manufacturing? The 24-qubit QPUs already have a figure of 99%. You are trying to get there for the 84-qubit QPU per year. Knowing that these are semiconductor-based models, I wonder if you can talk to us about cyclical progress.
Speaker Change: [inaudible]
Speaker Change: So, that answers your question about the fact that we have already manufactured the chip. We have 24 qubits and 84 qubits. In fact, in our hand, we simply take 24 qubits and 84 qubits, and that's what takes the time to manufacture them first. There is a lot of optimization of 24 qubits that you need to do. It's the same type of chip, of which we use 24 qubits and 84 qubits. So, that answers your question about the fact that we have already manufactured the chip. So, there is a lot of work to do. We take the chip already in our hand. We make characteristic adjustments, as opposed to simply manufacturing. Typically, because there is a lot of optimization we need to do when we take a chip, including a chip from a couple of months ago. So, we take a lot of time, at least five months.
Speaker Change: So, we will continue to generate new ideas and improve manufacturing and precision, of course, we take care of it, but in general, we have our own table, we do the same thing with the 24 cubits, we are predictable, we make many decisions at the end of the year, at least five or six new ideas. So, we will continue to generate new ideas and improve manufacturing, of course, we take care of it, but in general, we do the same thing with the 24 cubits, we make many decisions at the end of the year, at least five or six new ideas, and at least five or six new ideas, and in general, we do the same thing with the 24 cubits.
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: and then we start to do the same entanglement and take them out. At first glance, we don't know where the entanglement is. Typically, it's in a qubit. It's not that we select the best 24 and take them out with that number. Sometimes, it's essentially a random qubit 24. Sometimes, it's just a qubit with the cooling system and thermalization. That kind of thing. Since the beginning of the trial, we haven't noticed any variability.
Speaker Change: Typically... Typically... Typically...
Speaker Change: The performance depends on the origin of the layers and the fidelity across the entire grid. The position of the paper and other factors like the dilution of the refrigeration system and the thermalization of the grid also play a role. We observed variations depending on where the layers originated. We monitored the two-qubit fidelity across the entire grid and found a spread of about 2% across the chip. The median fidelity was almost as consistent as your AWS. In a 9-qubit network, the median two-qubit gate fidelity ranged from about 98% to 99.1%, with the highest values closer to 99.1%.
Speaker Change: We can therefore see that the data can speak of superconductance, 2-qubits, intermediaries, types, and numbers.
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: Bertelsen, Subodh Kulkarni, David Rivas, Jeffrey Bertelsen, David Rivas, Jeffrey Bertelsen [inaudible]
Speaker Change: The bills go through our chamber and the Senate when we speak. But on both sides, there is a lot of investment. It's the same with the United States, European countries, and Asian countries. If you look at the funds for quantum funds, they are increasing. They are increasing their budget, starting with the United States. Obviously, they are increasing their quantum budget.
Speaker Change: The marbles are going to our house and the Senate. One of the challenges we have is that both sites need to be integrated into the contribution system to increase the budget quickly enough. In the neighboring countries of the UK, the European countries, the countries of the European Union, it's 50 million dollars per cubit. So, 24 cubits is sufficient. So, it's obviously a large coverage. And these are our clients.
Speaker Change: We work with governments and national laboratories, and you know how these things can be very complicated, the way budgets go through with 250,000 dollars for a cube. So, when we get an order from a national laboratory, a cube of 24 cubes, and we deliver it in a neighborhood, it becomes very difficult. And the lead time is going to be complicated for the future. We work with governments and national laboratories, and you know how these things can be very complicated, the way budgets go through with 250,000 dollars for a cube, and the lead time is going to be very complicated for the future.
Speaker Change: I think that today, I would say that over the next few years, the interest of the OEA, the OEA, the OEA, and the British government is improving, and these are more predictable predictions. But it won't stop until we get to orders and deliveries. I know you want me to be more specific, but I think that's the last thing I can tell you right now.
Speaker Change: So I think that's good, a good response to both. That's the way I would say it's been on-premise GPUs, pongo, and that's why I'm glad. And then maybe just when we put it together, we'll do some things until we get to go up back. And it looks like it's been covering about 15 million on it. You're not get-based, it's backing out, stock-based compensation. I think that's sort of a decent level to be thinking about on the go-forward basis where you have plans to
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: David Williams, from Grant and Brent Harkhal, so I think.
Speaker Change: You know
Speaker Change: I just have a quick question on the 24-qubit system. How quickly can you bring those up? And is this the same process that you go through internally as you're bringing a chip up for use internally? David Williams from Grants.
Speaker Change: That's everyone, that's everyone.
Speaker Change: Typically, when we have a new chip, and most of the 9-qubit chips we are making are in that range, we can bring them up within a few hours right away. And today, the DR is cooperating. So, you're talking about a dilution refrigeration system, if you will, and then it stays stable at that condition, practically, until something goes wrong with the DR or something else in the system.
Speaker Change: That is to say, once the ship is ready, in a few days, we will be in position.
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: [inaudible]
Speaker Change: It's a million-euro opportunity for the commercial company, the larger entity.
Speaker Change: for the first company of 5 and 10 billion dollars. Thank you very much and that's all in advance. This number is definitely in a healthy situation at the moment. Please go ahead. We plan to significantly increase the fund for quantum computing.
Speaker Change: It's a good opportunity for the future.
Speaker Change: [inaudible]
Speaker Change: you know, one or two major other modalities that are currently generating some reasonable amounts of commercial revenues.
Speaker Change: Get a few contracts I mean, right now we work with companies like Moody's and HSBC and standard chartered and a few other companies like that who do give us some dollars, Florida doing some specialized projects for them.
Speaker Change: Better performance in terms of either speed or accuracy on a better cost compared to classical computations before commercial customers can do in Ottawa and structured deal interest.
Speaker Change: Yes, we do go into Msas, obviously, but that's really not the classical commercial is.
Speaker Change: We are giving them a quantum computer and again do internal Ottawa and see the benefit they get good quantum computers. They can't do that today with the performance beyond so in the current quarter.
Speaker Change: A few contracts I mean, right now would be what are the companies like Moody's and HSBC and standard chartered and a few other companies like that.
Speaker Change: Do give us some dollars for doing some specialized projects for them.
Speaker Change: The miskito noisy intermediate scale quantum.
Speaker Change: Computing.
Speaker Change: Yes, we do go into Msas, obviously, but that's really not the classical commercial deals.
Speaker Change: We really don't think commercial customers are going to show much interest except for cursory research level of interest. So most of the business that we see in the next two.
Speaker Change: We are giving them a quantum computer and they can do.
Speaker Change: Ottawa and see the benefit they get this quantum computers can't do that today with the performance beyond so in the current.
Speaker Change: Three to five years at least is going to be dominated by Gordon may International lifetime customers I know some of our competitors have.
Speaker Change: Just acquired the Miskito noisy intermediate scale quantum computing.
Speaker Change: Ill say more about commercial customers and they tell us that they're seeing.
Speaker Change: We really don't think commercial customers are going to show much interest except for cursory research level interest. So most of the business that we see in the next.
Speaker Change: As I said, we do talk to a few and there is some research level interest, but it's not like they are really interested in buying a 24 qubit alternate before COVID-19.
Speaker Change: Three to five years at least is going to be dominated by government national lifetime customers I know some of our competitors have.
Speaker Change: Quantum computer for their data center.
Speaker Change: Okay.
Speaker Change: HBC and if they are not talking to the superconducting people like us I doubt if they are talking to other modalities like dropped die on a pure Adam I mean, right now if you put a GPU next to her trapped ion the autograph.
Speaker Change: Saying more about commercial customers and they said that they.
Speaker Change: We're seeing.
Speaker Change: As I said, we do talk to a few and there is some research level interest, but it's not like they are really interested in buying a 2012 qubit alternated qubit quantum.
Speaker Change: Peer Adam quantum computer.
Speaker Change: Quantum computer for their data center and hook it up.
Speaker Change: Youre dealing with.
Speaker Change: Four to five orders of magnitude I mean, the GP will be idle for most of the time that the quantum computer is to keep churning and it doesn't make any sense. When you have ordered by orders of magnitude clock speed difference between a GPU and trapped ion appeared at a computer so I doubt if any commercial customer is really going to put any kind of.
Speaker Change: HBC and if they are not talking to the superconducting people like us I doubt if theyre talking to other modalities like trapped ion fueled I don't have any right now if you put a GPU next to a dropdown on auto.
Adam: Sure Adam quantum computers.
Speaker Change: Literally dealing with.
Speaker Change: Computer in their data center until we get over that <unk> has short and have clock speeds that are commensurate with that HBC.
Speaker Change: Four to five orders of magnitude I mean, the GP will be idle for most of the time at the point of view is to keep churning and it doesn't make any sense. When you have order and final orders of magnitude clock speed difference between a GPU enter trapped ion on a pure at a computer so I doubt if any commercial customer is really going to put any kind of one.
Speaker Change: <unk>.
Speaker Change: Hopefully that answers your question.
Speaker Change: It does thank you so much for that color.
Speaker Change: Two quick follow ups for the current <unk> or the upcoming opportunity.
Speaker Change: Computer in their data center until we get all of that <unk> and <unk> blocks be exactly commensurate with that HBC.
Speaker Change: The 14th at CIT milestones.
Speaker Change: You guys are hit.
Speaker Change: Reach and exceed that 90% of the daily rate exiting this year.
Speaker Change: Hopefully that answers your question.
Speaker Change: What are the thoughts on potential timing.
Speaker Change: It does thank you so much for that color.
Speaker Change: Generating GPU chip sales from from Hopper, three would that be like.
Speaker Change: Quick follow up.
Speaker Change: The current three or the upcoming opportunity.
Speaker Change: One two or three quarters. After you guys reach.
Speaker Change: <unk>.
Nicole: Nicole milestones here.
Speaker Change: Milestones once you guys hit.
Speaker Change: So atlanta that needs to get <unk>, I guess, we'll give it to you at 99% level.
Speaker Change: Reach and exceed that 95% of the daily rate exiting this year.
Speaker Change: What are the thoughts on potential timing of.
Victoria: Median two qubit Victoria. Thank you by the end of this year as we have stated.
Speaker Change: Generating CPU chip sales from from Hopper, three that would be like.
Speaker Change: After that as we have said we want to increase the pubic count but at the same time, you wanted to keep increasing fertility MD frankly, prioritize with NTT over cubic's count. So we will look at where to go next and some of the work that we have disclosed today and hope you have disclosed in scientific journals is this whole concept of Marty the triplets.
Speaker Change: One two or three quarters. After you guys reached technical milestones here.
Speaker Change: So our plan currently is to get our country, then it will give it to 99% level.
Speaker Change: Media into cubic's their NDA by the end of this year as we have stated.
Speaker Change: Activity. So we have demonstrated that you can do quantum computing action.
Speaker Change: After that.
Speaker Change: That said, we want to increase the pubic count but at the same time, you wanted to keep increasing fertility and frankly prioritize stability over cubic account. So we will look at where to go next and some of the work that we have disclosed.
Speaker Change: Chip, let like concept and we definitely want or we have a lot of IP in that area, we have a lot of knowhow.
Speaker Change: And we definitely want to leverage all of that so we are looking at once we get to oncology.
Speaker Change: And then you have disclosed in scientific journals is this whole concept of Marty the chip, let's effectively so we have demonstrated that.
Speaker Change: We are going to be timing.
Speaker Change: <unk> if so how many times are we going to take.
Speaker Change: Can do quantum computing Sharon.
Speaker Change: Subset of 84 later, thank you there are 34, gigabyte and the timing of that and if so how many so we are going through those.
Speaker Change: Chip, let like concept.
Speaker Change: And we definitely want or we have a lot of IP in that area. We have a lot of know how exactly.
Speaker Change: Our calculations in plans right now, but certainly we will continue to build stability and qubit count.
Speaker Change: And we definitely want to leverage all of that so we are looking at once we get to oncology.
Speaker Change: Our 2025.
Speaker Change: We are going to be timing.
Speaker Change: I believe we believe the narrow point of advantage that we have talked in the past.
Speaker Change: Before COVID-19, if so how many times are you going to take.
Speaker Change: Subset of it before like a bank of it or 34, gigabyte and the timing of that and if so how many so we are going through those.
Speaker Change: I would say.
Speaker Change: Going to need.
Speaker Change: Obviously, there is a higher ticket count.
Speaker Change: Right now and certainly a little higher facility and third we are right now.
Speaker Change: Our calculations in plans right now, but certainly we will continue to do fertility and cubic count.
Speaker Change: That number is.
Speaker Change: Not clear, but we certainly think between the fertility improvement. Thank you become implemented we plan to achieve next year, we should be able to demonstrate narrow corridor advantage before the end of next year, that's our current plan.
Speaker Change: Our 2025.
Speaker Change: That's why I believe we believe the narrow point of advantage that we have talked in the past.
Speaker Change: All right.
Speaker Change: Going to need.
Speaker Change: Hopefully I answered your question.
Speaker Change: Obviously, they get hired if you would count.
Speaker Change: Yes. Thank you so much.
Speaker Change: Right now it certainly is your highest daily to them, where we are right now.
Speaker Change: Last quick one for Jeff Jeff.
Speaker Change: Yes.
Speaker Change: That number is.
Jeff Bertelsen: Quick question on the.
Speaker Change: It's not clear, but we certainly think between the fertility improvement in cubic count improvement plan to achieve next year, we should be able to demonstrate nanoparticle advantage before the end of next year, that's our current plan.
Jeff Bertelsen: At the market stock sale program.
Speaker Change: No.
Speaker Change: Market volatility has led to a lot of dispersion in valuations.
Speaker Change: Just kind of curious in terms of when you guys might.
Speaker Change: Hopefully I answered your question.
Speaker Change: Next to utilize the program.
Speaker Change: Yes. Thank you so much and then just one.
Speaker Change: Would it be based.
Speaker Change: Last quick one for Jeff.
Speaker Change: Based on certain timing relative to yours.
Speaker Change: Just a quick question on the.
Speaker Change: Financial planning or is it just being opportunistic relative to any recovery in the stock valuations.
Speaker Change: At the market.
Speaker Change: Scott.
Speaker Change: Graham.
Speaker Change: No.
Speaker Change: Market volatility has led to a lot of dispersion valuation.
Speaker Change: Okay.
Speaker Change: Yes. Thanks.
Speaker Change: Just kind of curious.
Speaker Change: Certainly.
Speaker Change: When you guys might.
Speaker Change: It would definitely be more opportunistic I think.
Speaker Change: Next to utilize the program.
Speaker Change: Certainly we were sensitive to the share price.
Speaker Change: Would it be.
Speaker Change: Based on certain timing relative to yours.
Speaker Change: And the current pullback give.
Speaker Change: Financial planning or is it just being opportunistic relative to any recovery in the stock valuation.
Speaker Change: Given the overall pullback in the market, so I think going forward.
Speaker Change: We would tend to look at it opportunistically.
Speaker Change: Yes.
Speaker Change: Yes. Thanks.
Speaker Change: And go from there.
Speaker Change: Certainly.
Speaker Change: Great. Thank you so much.
Speaker Change: It would definitely be more opportunistic I think.
Steven: Thanks Steven.
Speaker Change: Certainly we were sensitive to the share price.
Rankin Singer: Rankin singer from Alliance Global Partners. Please go ahead.
Speaker Change: And the current pullback.
Speaker Change: Given the overall pullback in the market, so I think going forward.
Speaker Change: Great. Thanks, Good evening I just wanted to follow up I have two questions. The first one is on the progress.
Speaker Change: We would tend to look at it opportunistically.
Speaker Change: We're making on our roadmap and how it's impacting the pipeline.
Speaker Change: And go from there.
Speaker Change: Great. Thank you so much.
Speaker Change: You've obviously talked about it at Nauseum, you've moved from <unk> to 'twenty four at 919 Fidelity is there a way to quantify the pipeline of how many national labs, maybe youre talking to or are in active discussions with versus maybe a year ago is that having an impact on that pipeline.
Steven: Thanks Steven.
Speaker Change: Banco <unk> from Alliance Global Partners. Please go ahead.
Banco: Great. Thanks, Good evening I just wanted to follow up I have two questions. The first one is on the progress.
Speaker Change: You are making on our roadmap and how it's impacting the pipeline.
Steven: Good question, Brian So absolutely the pipeline continues to increase so.
Speaker Change: You've obviously talked about it at Nauseum, you've moved from <unk> 24 at 90 90 Fidelity is there a way to quantify the pipeline of how many national labs, maybe youre talking to or are in active discussions with versus maybe a year ago is that having an impact on that pipeline.
Speaker Change: There are many national as we are talking to right now certainly the <unk> labs, Vod labs, but UK, obviously chose us over competition for delivering the 2004 qubit system. This year.
Speaker Change: But you go around Europe and <unk>.
Speaker Change: Asia.
Speaker Change: Good question, Brian So absolutely the pipeline continues to increase so.
Speaker Change: Pretty much many countries advanced economies I would say are viewing quantum computing is very strategic and they each have their plans on how they want to play in the quantum computing era and many of them view.
Speaker Change: There are many national as we are talking to right now certainly the <unk> labs, Vod labs, but UK, obviously chose us over competition for delivering the 34 qubit system. This year.
Speaker Change: Superconducting quantum computing as the leading modality for many reasons that we have talked about in the past and they are talking to us I assume that they are talking to some of other larger competitors as well, but they are definitely taking a close look but overall the pipeline is just making a much larger today than what it was a year ago. When we were dealing with a bid.
Speaker Change: But you go around Europe and <unk>.
Speaker Change: <unk>.
Speaker Change: Pretty much many countries advanced economies I would say are viewing quantum computing is very strategic and they each have their plans on how they want to play in the quantum computing.
Speaker Change: And many of them view.
Speaker Change: <unk> certainly.
Speaker Change: Superconducting quantum computing as the leading modality for <unk>.
Speaker Change: As we have approached and 90% is already well past 99, we are in the 99, 3% median to Cuba gateway to 84 nine.
Speaker Change: Any reasons that we have talked about in the past and they are talking to us I assume that they are talking to some of other larger competitors as well, but they are definitely taking a close look but overall the pipeline is definitely a much larger today than what it was a year ago. When we were dealing with mid nineties.
Speaker Change: <unk> 99 for the Arctic 99 throughout 2004 cubic now.
Speaker Change: Our customers see that certainly the value that you see when we get those kind of uncertainties at that kind of cubic account with that gait speed becomes very attractive for them to start taking practical applications on destin and research stage, but they are starting to see how this answer.
Jeff Bertelsen: As we have approached 90, which is already well past 19 by CBRE.
Speaker Change: In the 99, 3% median two cubic gateway to 84 nine it could be.
Speaker Change: So the pipeline definitely has increased the national labs of most advanced countries begin to take an active interest in quantum computing each country is slightly different in Nevada.
Speaker Change: Approaching 99 for the Arctic 99 for 2004 cubic now.
Speaker Change: Our customers see that certainly the value that is even if we get those kinds of opportunities like that kind of cubic count.
Speaker Change: Past their budgets and how it goes.
Speaker Change: That gave speed becomes very attractive for them to start taking practical applications.
Speaker Change: Videos.
Speaker Change: Part of the mental bodies, if you will.
Speaker Change: And then international absolutely the lead and so on so timelines can be different for different countries, but overall the pipeline is a lot bigger today than lot healthier today than what it was a year ago.
Speaker Change: And the research stage, but they are starting to see how this answer.
Speaker Change: So the pipeline definitely has increased the national labs. Most advanced countries are beginning to take an active interest in quantum computing each country is slightly different in the way.
Speaker Change: Great. My second question My follow up is you could speak to your ability to hire and retain top talent is employee turnover remained low while the excitement at <unk>, improving and progressing on the roadmap continues.
Speaker Change: Past their budgets and how it goes.
Speaker Change: Videos.
Speaker Change: Parliamentary bodies, if you will.
Speaker Change: And then the international labs take the lead and so on so timelines can be different for different countries, but overall the pipeline is a lot bigger today than lot healthier today than what it was a year ago.
Speaker Change: Great question, we look at our attrition take very very seriously.
Rankin Singer: Great. My second question My follow up is you could speak to your ability to hire and retain top talent is employee turnover remained low while the excitement at <unk>, improving and progressing on the roadmap continues.
Speaker Change: And we are obviously most of our employees are in the Bay area.
Speaker Change: The tech.
Speaker Change: The market is very good as you know.
Speaker Change: That has been extremely though much much lower than the average company in the Northern California region, and certainly a lot lower than I came in the company just about 18 months ago.
Speaker Change: Great question, we look at our attrition take very very seriously.
Speaker Change: And most of it is because people seem happy or has it been light. The fact that we are hitting our milestones we are executing on our roadmap very well and they see the bright future ahead for <unk>.
Speaker Change: And we are obviously most of our employees are in the Bay area.
Speaker Change: In general.
Speaker Change: Market is very good as you know.
Speaker Change: Additionally, there has been extremely though much much lower than the average company in the Northern California region, and certainly a lot lower than that I gave in the company just about 18 months ago.
Speaker Change: <unk>.
Speaker Change: Cubic type number to cite the 90 95 plus percent level and we think we'll be there in the year or so.
Speaker Change: That makes quantum computing really practically feasible for many interesting applications, so unemployed cedar and QA around the corner they see the potential to see the interest also excitement is high morale is very very good and that usually means much of the acquisition alright and.
Speaker Change: Most of it is because people didn't like the fact that we are hitting our milestones we are executing on our roadmap very well.
Speaker Change: They see the bright future ahead for <unk>.
Speaker Change: <unk>.
Speaker Change: Cubic type numbers like that $99 five plus percent level and we think we'll be there in the year or so.
Speaker Change: And that's what we're seeing so we really havent lost any key employees in the last at least six months.
Speaker Change: That makes quantum computing really practically feasible for many interesting applications, so unemployed cedar and QA around the corner they see the potential to see the interest also excitement is high morale is very very good and that usually means much of the regulation.
Speaker Change: And maybe getting close to nine months or so now so we feel really good about the employment situation right now.
Speaker Change: Great. Thanks, so much thanks.
Matt: Thanks, Matt.
Speaker Change: That concludes our Q&A session I will now turn the conference back over to Asia.
Speaker Change: And that's what we're seeing so we really havent lost any key employees in the last at least six months.
Asia: <unk> for closing remarks.
Speaker Change: And maybe getting close to nine months or so so we feel really good about the employee situations like that.
Asia: Thank you for your interesting questions. We look forward to updating you with your progress as the year continues.
Speaker Change: Great. Thanks, so much.
Speaker Change: Yes.
Speaker Change: Matt.
Speaker Change: Ladies and gentlemen that concludes today's Scott. Thank you all for joining you may now disconnect.
Speaker Change: That concludes our Q&A session I will now turn the conference back <unk> got any closing remarks.
Speaker Change: Please wait the conference will begin shortly.
Speaker Change: Thank you for your interest and questions. We look forward to updating you with your progress as the year continues.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen that concludes today's Scott. Thank you all for joining you may now disconnect.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.